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Academic approach to Opportunity cost
Bob runs a hardware store in Montana. His inventory costs him $75,000. Prior to opening his hardware store, Bob worked as an investment banker earning $175,000 per year. He pays his employees $150,000 per year. Economists would say Bob's cost of running the hardware store is $225,000 per year.
Assuming individuals hold no cash (all cash is in bank vaults as reserves), calculate the simple money supply from the following reserves requirements and deposits in the systems. 5 Points each, 30 points subtotal
Keynesian thinking dominated US (and other developed-country) policy-making well into the 1970s, although the "classical" counter-arguments kept up a steady criticism:
Explain why fiscal policy will be either more or less effective in an economy with a large foreign sector.
Draw marginal revenue function for this firm. What is the profit-maximizing price for this firm? On the graph describe the area, this represents the net loss to society resulting from the monopoly power conferred by the patent.
Discuss how your answer relates to the income and substitution effects of a price change from Knoxville food prices to Berkeley food prices.
Between your answers to parts b and c, which prices/capacity are best applied from a social welfare perspective? Why?
What are primarily intended to address the problem of insuring people who do not have health insurance? Would a public national health insurance system reduce total spending on health care in our economy?
Consider economy that is above full-employment equilibrium (natural rate of output) because of an increase in AD. Prices of productive resources have'nt changed. With the help of graph
Explain her change in consumption in terms of income and substitution effects (give a precise quantitative answer). Is this a Griffin good (how do you know)?
Explain when we look at the macro economy the similar terms are known as Aggregate Demand
Explain the effects of these shocks on the price level, real GDP, and the nominal interest rate. Use an upward-sloping, short-run supply curve in your analysis.
Examine the tools of fiscal policy also explain how they are used to reduce inflation or eliminate a recession.
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